A Missouri real estate exam prep instructor is explaining the non-judicial trustee's sale foreclosure process to students. She describes several steps that are required under Missouri law. Which of the following steps is EXCEPT — meaning it is NOT required in Missouri's non-judicial deed of trust foreclosure process?
Correct Answer
C) Filing a lawsuit in circuit court and obtaining a judge's order authorizing the sale
Filing a lawsuit in circuit court and obtaining a judge's order is NOT required in Missouri's non-judicial deed of trust foreclosure process. This is precisely what makes Missouri's trustee's sale process 'non-judicial'—no court involvement is necessary. Under RSMo §§ 443.290–443.430, the trustee can proceed to sale after proper notice without any court filing or judicial authorization. Requiring a court order would describe a judicial foreclosure process, which is not Missouri's standard method for deed of trust foreclosures.
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Related Concepts
Predatory lending refers to unfair, deceptive, or abusive lending practices that impose unjustified terms on borrowers, often targeting vulnerable populations. It includes practices like excessive fees, inflated appraisals, and unnecessary refinancing.
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
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